***Table 1: FE***
xtscc sp_ratinglead sanDty24 GROWTH gdp_pcap  trade_gdp nat_resources default cur_account reserves InfGDPDefAnPer wgi_rol exec_id polity5 imf_dum ucdp_armedconflictdummy year_dum* if developed==0, fe

xtscc moodys_ratinglead sanDty24 GROWTH gdp_pcap  trade_gdp nat_resources default cur_account reserves InfGDPDefAnPer wgi_rol exec_id polity5 imf_dum ucdp_armedconflictdummy year_dum* if developed==0, fe


***Table 2: Heckman***
heckman sp_ratinglead sanDty24 GROWTH gdp_pcap  trade_gdp nat_resources default cur_account reserves InfGDPDefAnPer wgi_rol exec_id polity5 imf_dum ucdp_armedconflictdummy year_dum* cndum* if developed==0, select(sp_ratingdummylead=sanDty24 GROWTH ln_gdp trade_gdp nat_resources default cur_account polity5 LUSTRADE ) twostep

heckman moodys_ratinglead sanDty24 GROWTH gdp_pcap  trade_gdp nat_resources default cur_account reserves InfGDPDefAnPer wgi_rol exec_id polity5 imf_dum ucdp_armedconflictdummy year_dum* cndum* if developed==0, select(moodys_ratingdummylead=sanDty24 GROWTH ln_gdp trade_gdp nat_resources default cur_account polity5 LUSTRADE ) twostep


***Figure 1: Mediation Analysis***
medeff(regress debt_gdp sanDty24 GROWTH gdp_pcap trade_gdp polity5 exec_id wgi_rol reserves imf_dum ) (regress sp_ratinglead debt_gdp sanDty24 GROWTH gdp_pcap trade_gdp nat_resources default cur_account reserves InfGDPDefAnPer wgi_rol exec_id polity5 imf_dum ucdp_armedconflictdummy) if developed==0,  mediate(debt_gdp ) treat(sanDty24 ) sims(500)

medeff(regress debt_gdp sanDty24 GROWTH gdp_pcap trade_gdp polity5 exec_id wgi_rol reserves imf_dum ) (regress moodys_ratinglead debt_gdp sanDty24 GROWTH gdp_pcap trade_gdp nat_resources default cur_account reserves InfGDPDefAnPer wgi_rol exec_id polity5 imf_dum ucdp_armedconflictdummy) if developed==0,  mediate(debt_gdp ) treat(sanDty24 ) sims(500)


***Table 3: Unilateral (Non-US vs. US) vs. Multilateral Sanctions***
xtscc sp_ratinglead SanUnilatDty24 SanMultilatDty24 GROWTH gdp_pcap  trade_gdp nat_resources default cur_account reserves InfGDPDefAnPer wgi_rol exec_id polity5 imf_dum ucdp_armedconflictdummy year_dum* if developed==0, fe

xtscc sp_ratinglead SanNonUSUnilatDty24 SanSenUSNIDty24 SanMultilatDty24 GROWTH gdp_pcap  trade_gdp nat_resources default cur_account reserves InfGDPDefAnPer wgi_rol exec_id polity5 imf_dum ucdp_armedconflictdummy year_dum* if developed==0, fe

xtscc moodys_ratinglead SanUnilatDty24 SanMultilatDty24 GROWTH gdp_pcap  trade_gdp nat_resources default cur_account reserves InfGDPDefAnPer wgi_rol exec_id polity5 imf_dum ucdp_armedconflictdummy year_dum* if developed==0, fe

xtscc moodys_ratinglead SanNonUSUnilatDty24 SanSenUSNIDty24 SanMultilatDty24 GROWTH gdp_pcap  trade_gdp nat_resources default cur_account reserves InfGDPDefAnPer wgi_rol exec_id polity5 imf_dum ucdp_armedconflictdummy year_dum* if developed==0, fe


***Table 4: Unilateral (Non-US vs. US) vs. Institutional Sanctions***
xtscc sp_ratinglead SanUnilatDty24 SanSenInstDty24 GROWTH gdp_pcap  trade_gdp nat_resources default cur_account reserves InfGDPDefAnPer wgi_rol exec_id polity5 imf_dum ucdp_armedconflictdummy year_dum* if developed==0, fe

xtscc sp_ratinglead SanNonUSUnilatDty24 SanSenUSNIDty24 SanSenInstDty24 GROWTH gdp_pcap  trade_gdp nat_resources default cur_account reserves InfGDPDefAnPer wgi_rol exec_id polity5 imf_dum ucdp_armedconflictdummy year_dum* if developed==0, fe

xtscc moodys_ratinglead SanUnilatDty24 SanSenInstDty24 GROWTH gdp_pcap  trade_gdp nat_resources default cur_account reserves InfGDPDefAnPer wgi_rol exec_id polity5 imf_dum ucdp_armedconflictdummy year_dum* if developed==0, fe

xtscc moodys_ratinglead SanNonUSUnilatDty24 SanSenUSNIDty24 SanSenInstDty24 GROWTH gdp_pcap  trade_gdp nat_resources default cur_account reserves InfGDPDefAnPer wgi_rol exec_id polity5 imf_dum ucdp_armedconflictdummy year_dum* if developed==0, fe


